Foresight and VEI Capital create investment partnership for Italian solar PV projects

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Foresight Group, the leading European solar photovoltaic (PV) investor, and VEI Capital, one of Italy’s largest investment infrastructure players, have created a co-investment partnership to invest in solar with the aim of expanding their co-operation into other renewable assets classes. VEI is an Italian investment company managed by Palladiofinanziaria S.p.A. and dedicated to investments in private equity and infrastructure.

The first investments are a 3.34 MW plant in Emilia Romagna built by Juwi Energie Rinnovabili, for which a sale and purchase agreement was signed on 15th June 2011, and a 4.7 MW plant in Abruzzi (Italy). Both plants are connected to the national grid and are operational. Further PV investments are likely to follow in the course of 2011.

The joint-investment vehicle created by the two parties will be split 40% Foresight’s funds and 60% VEI with Foresight also acting as advisor and manager of the PV assets of the partnership. Foresight’s other solar funds have already invested in more than £150 million of operating PV assets in Italy and Spain. Since its inception in September 2010, VEI has already invested in a number of renewable energy projects, with sizeable investments in this asset class planned in the current year.